Merger Frenzy Leaves
Small Pool of Targets

More than a decade of dismantling the sprawling conglomerates built up in the 1960s has left a dwindling pool of breakup targets.

Which is one reason why, even though merger-and-acquisition activity ran at a near-record pace in the first half of 1999, the numbers show a slowdown in U.S. deal activity in all but a few hot sectors. "Most of the obvious corporate-clarifying transactions have already taken place," says Rick...